Swiss government-owned bank is stepping its foot into the crypto industry.
PostFinance, the fifth largest retail financial institution in Switzerland owned by the country's government, is set to offer crypto trading and storage services.
The move comes after, on April 5th, PostFinance announced a partnership with local crypto bank Sygnum.
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The new partnership will allow PostFinance to offer a wide range of regulated digital asset banking services. In particular, PostFinance customers will be able to buy, store, and trade prominent cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH).
Philipp Merkt, the bank's Chief Investment Officer, noted that the offering of crypto-related services comes after the firm recorded a growing demand for such services.
Digital assets have become an integral part of the financial world, and our customers want access to this market at PostFinance, their trusted principal bank. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.
Sygnum's institutional business-to-business (B2B) offering enables these crypto services, giving banks access to regulated and compliant digital products. It is worth noting that Sygnum's B2B network, with more than 15 partner banks, supports various cryptocurrencies and offers revenue-generating services.
When asked about the partnership, Sygnum Bank Chief B2B Officer, Fritz Jost, noted:
We are pleased to empower PostFinance to deliver institutional-grade digital asset services to their customers. We are committed to continuously drive further innovation and positive change for the industry and our partner banks’ customers.
The announcement of PostFinance's crypto trading services comes on the heels of the news that Sygnum and other Swiss-based banks were flooded with partnership requests from the US-based crypto firms.
